In Brief:
- Ripple is launching a $250 million fund to explore the new uses cases of NFTs on XRP Ledger
- Ripple is partnering with MintNFT, Mintable and VSA Partners to deliver a seamless NFT experience for developers.
- Creators of the NFT will be able to monetize their works on the XRP Ledger.
Ripple is allocating a $250 million fund to discover the new use cases on non-fungible tokens (NFT) on the XRP Ledger (XRPL). By using this fund, Digital Creators and developers, who wish to explore the NFT sector can get funding and technical support.
Ripple mentioned in the blog that this fund will help to speed up the adoption in the crypto space through working with non-fungible tokens. This fund allocation is launched by Ripple in tie-up with NFT marketplaces Mintable and MintNFT, and brand design agency VSA partners.
Ripple revealed that they wish to address the concern with the minting of the tokenized artwork with a “clunky” user experience such as a high transaction. It will help the creator of the NFT to monetize their works on the XRP Ledger.
A few months ago, Mintable had given indication to tie with XRP ledger by calling it ideally suited “to deliver a seamless NFT experience for developers”.
“We believe NFTs embody the promise of tokenization and represent a tipping point for its embrace by the mainstream,” said Ripple. “Through the Creator Fund and the XRPL, we’re excited to unleash new utility for NFTs and accelerate the broader shift to tokenization.”
Currently, Ethereum is the largest NFT marketplace over the other blockchain facilities. After Ethereum, Solana is trying to compete with the Ethereum and become the second most favorite for the crypto community. Last month, Solana partnered with Audius for NFT integration. The partnership gave Audius users the ability to feature NFTs from the Solana ecosystem.
